Dollar loses further ground on the day, EUR/USD pushes past 1.1600-SapForex24

This time it is the dollar weakening across the board. GBP/USD has also posted a high of 1.3292, USD/CHF has fallen to a low of 0.9955 while AUD/USD has pared gains for the day to now close in on session highs at 0.7477.

The dollar index is now at session lows down 0.2% on the day. Even the kiwi and loonie are paring back some losses against the dollar now.

There aren't any headlines crossing the wires to have brought about the change but selling as the dollar index touched above 95.00 again is one of the things that you can point to. Apart from that, there's the trade rhetoric still as reports say that the White House is to issue a second list of tariffs against China. That has also brought US equity futures lower on the day. S&P 500 futures are now trading 0.4% lower.

As for EUR/USD, as long as price sticks near the 1.1600 handle this could still be a level of interest as there are large expiries on the day here. So, let's see how things develop.

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Gold Prices Reverse Gains, Near 2018 Lows-SapForex24

Gold prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for bullion.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $3.50 or 0.27% to $1,288.00 a troy ounce, off an overnight high of $1,293.70.

The precious metal plumbed a low of $1,285.70 on Wednesday, the weakest level since December 27.

Gold has slumped as expectations of higher U.S. interest rates have pushed up bond yields and the dollar.

Higher Treasury yields can spell weakness for Gold which, like other commodities, offers no yield, while a stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was last at 93.21, within close reach of Wednesday’s five month peaks of 93.52. The index is up around 0.93% so far this week.

The yield on 10-year U.S. Treasury notes rose as high as 3.117% overnight, the highest level since 2011. Bond yields move inversely to prices.

Yields have climbing higher since the Federal Reserve said at its May meeting that inflation is moving closer to its 2% target.

The Fed raised rates in March and projected two more rate hikes this year, although many investors see three hikes as possible.

In other metals trading, July silver futures were almost unchanged at $16.37 a troy ounce, while July platinum futures were trading at $889.20, little changed for the day. July copper futures were up 0.24% at $3.078 a pound.

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Forex - Dollar Steady near 3-1/2 Month Highs-SapForxe24

The dollar was holding steady near three-and-a-half month highs against a basket of the other major currencies on Thursday, supported by higher Treasury yields as the U.S. 10-year bond yield held above the 3% level.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was trading at 91.02 , within close reach of Wednesday’s highs of 91.04, the most since January 12.

Demand for the dollar continued to be underpinned by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.

Expectations of higher interest rates make the dollar more attractive to investors seeking yield. The yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 this week, a sign of confidence in the outlook for the U.S. economy.

The dollar eased against the yen, with USD/JPY dipping 0.11% to 109.31 after setting a fresh two-and-a-half month high of 109.46 overnight.

The euro was little changed against the dollar, with EUR/USD last at 1.2167, not far from Wednesday’s two-month trough of 1.2158.

Investors were looking ahead to the European Central Bank’s monetary-policy meeting later Thursday to gauge whether officials are growing more confident on the inflation outlook.

The ECB was expected to keep monetary policy unchanged and indicate that it is still on track to wind up its bond purchasing stimulus program by the end of the year.

The pound was trading at five-week lows, with GBP/USD last at 1.3923, almost unchanged for the day.

The Australian dollar was holding above the previous sessions four month trough, with AUD/USD last at 0.7561.

The New Zealand dollar plumbed fresh four month lows, with NZD/USD sliding 0.14% to 0.7058.

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Forex- U.S. Dollar Rises as Bond Yields Jump-SapForex24

The dollar was higher on Friday as the yield on U.S. Treasury notes rose to February levels and interest rate expectations offset trade war worries.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% to 89.88.

EUR/USD falling 0.30% to 1.2308 as investors worry that the euro zone’s economy is rebounding and the European Central Bank could wait to tighten monetary policy.

Elsewhere, the Australian dollar was lower, with AUD/USD down 0.44% to 0.7694 while NZD/USD decreased 0.69% to 0.7221.

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Oil Prices Rise on Hints of OPEC Extending Production Cuts-SapForex24

Crude Oil WTI Futures gained 0.58% to $64.67 a barrel by 5:37 AM ET (9:37 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., rose 22 cents, or 0.32%, to $69.13 a barrel.

In other energy trading, gasoline futures rose 0.40% at $2.0165 a gallon, while heating oil increased 0.30% to $1.9954 a gallon. Natural gas futures slipped 0.27% to $2.613 per million British thermal units.

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Crude Oil Prices Move Lower as Optimism Fades-SapForex24

The U.S. West Texas Intermediate crude April contract was down 20 cents or about 0.32% at $61.84 a barrel

Brent oil for May delivery on the ICE Futures Exchange in London declined 32 cents or about 0.49% to $65.17 a barrel.

Gasoline futures dropped 0.53% to $1.890 a gallon, while natural gas futures were up 0.11% to $2.735 per million British thermal units.

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Gold Prices Edge Higher With All Eyes on U.S. Tariffs-SapForex24

Gold prices edged higher on Thursday, as investors remained cautious ahead of an expected clarification by U.S. President Donald Trump on his proposed tariffs.

Comex gold futures were up 0.11% at $1,329.0 a troy ounce by 0205.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.60, just off Wednesday\'s two-week lows of 89.36.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, silver futures gained 0.34% to $16.56 a troy ounce.

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Gold Prices Back Off 4-Month Highs as Dollar Rebounds-SapForex24

Comex Gold futures were at $1,335.50 a troy ounce by 3:25AM ET (0825GMT), down around $2.00, or 0.1%, from the last session's closing price. It hit the best level since Sept. 8 at $1,345.00 a day earlier.
silver futures were little changed at $17.19 a troy ounce. It reached a three-month high of $17.42 on Monday.

The dollar index, which gauges the U.S. currency against a basket of six major rivals, inched up from a more than three-year low. It was last at 90.38, after dropping as low as 89.98 on Tuesday, its deepest nadir since December 2014.

palladium prices tacked on 0.7% to $1,096.60 an ounce. It marked a record-high of $1,133 on Monday thanks to soaring demand for the auto industry.

Sister metal platinum meanwhile inched up 0.2% to $1,006.40 an ounce, after touching its strongest since Sept. 8 at $1,012.50 in overnight trade.

March copper dipped 0.6% to $3.201 a pound.

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Gold Prices Hit 2-Week Low as Dollar Gains -SapForex24

Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 .

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75.

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

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Oil prices slip as U.S. crude output rises to highest since 2015- SapForex24

Oil prices edged lower on Thursday, after U.S. government data revealed a weekly climb in domestic production to the highest level in over two years.

U.S. West Texas Intermediate (WTI) crude futures shed 20 cents, or around 0.4%, to $51.94 a barrel by 3:35AM ET (0735GMT), after rising 26 cents in the previous session to just below a five-month high.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 37 cents, or about 0.6%, to $57.20 a barrel, moving further away from a 26-month peak reached earlier this week.
Oil prices ended higher on Wednesday, as investors digested weekly supply data from the U.S. Energy Information Administration.

Crude oil inventories fell by 1.8 million barrels, according to the EIA, after posting hefty increases in each of the last three weeks, as refiners raised output following Hurricane Harvey last month.
However, gasoline stockpiles were up 1.1 million barrels for the week, rising for the first time in four weeks.

The report also showed that domestic crude production edged up by 0.4% to 9.55 million last week, the highest level since July 2015.

Prices have been well-supported in recent weeks amid growing optimism that the crude market was well on its way towards rebalancing as data showed strong compliance from major producers with their supply cut agreement.

In May, OPEC and non-OPEC members led by Russia agreed to extend production cuts of 1.8 million barrels per day for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Elsewhere on Nymex, gasoline futures were little changed at $1.602 a gallon, while heating oil slumped 1.5 cents, or 0.8%, to $1.824 a gallon.

Natural gas futures held steady at $3.059 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

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Forex - Dollar Hovers Near 3-Week Highs Vs. Rivals- SapForex24

The dollar was hovering near three-week highs against other major currencies on Tuesday, amid fresh geopolitical tensions between the U.S. and North Korea and despite mixed messages by Federal Reserve officials.

The greenback strengthened after New York Federal Reserve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are "fading" and the U.S. economy's fundamentals are sound.

“I expect inflation will rise and stabilize around the (Fed's) 2% objective over the medium term," he said before adding that "in response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually."

However, Chicago Federal Reserve Bank President Charles Evans said shortly after that the U.S. central bank should wait until there are clear signs that income and prices are rising before raising interest rates again, warning that moving too fast would be a policy “misstep.”

Meanwhile, investors remained cautious after North Korea's foreign minister Ri Yong Ho said on Monday that President Donald Trump had declared war on the country and that Pyongyang reserved the right to shoot down U.S. bombers, even if they are not in its air space.

The safe haven yen was steady, with USD/JPY at 111.71, while USD/CHF gained 0.34% to trade at 0.9698.

EUR/USD slid 0.25% to 1.1818 as market participants were also still digesting the fact that Chancellor Angela Merkel won a fourth term in office on Sunday but will have to build a coalition to form a government as Conservatives lost support in the face of a surge by the anti-immigration Alternative for Germany (AfD).

The single currency also remained under pressure after European Central Bank President Mario Draghi said Monday that that the bank's "ample" accommodation was still needed and added that currency volatility is a source of uncertainty that requires monitoring.

The pound edged higher, with GBP/USD up 0.13% at 1.3483.

Elsewhere, the Australian and New Zealand dollars were weaker, with AUD/USD down 0.25% at 0.79179 and with NZD/USD retreating 0.71% to 0.7221.

Meanwhile, USD/CAD edged 0.09% higherto trade at 1.2380.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at 92.62 by 05:20 a.m. ET (09:20 GMT), just off a three-week high of 92.67 hit overnight.

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Forex - Aussie, Kiwi Move Higher Markets Focus on Fed Meeting-SapForex24

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Tuesday, as market participants were looking ahead to the Federal Reserve's policy meeting, due to begin later in the day.

AUD/USD rose 0.24% to 0.7977.

The Fed is widely expected to leave interest rates unchanged this week. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.

Investors were also eyeing U.S. data on building permits and housing starts due later Tuesday, for further indications on the health of the housing market.

Earlier in the day, the minutes of the Reserve Bank of Australia's September meeting showed that policymakers remained favorable to low interest rates, saying that they allowed the economy to continue to strengthen.

The central bank also cautioned against the current strength of the Australian dollar, saying its “appreciation over recent months, driven in part by a broad depreciation of the U.S. dollar, was weighing on domestic growth” and that a further appreciation could “result in a slower pick-up in growth and inflation.”

NZD/USD advanced 0.44% to trade at 0.7290.

Meanwhile, concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.

U.S. President Donald Trump was set to address the United Nations for the first time this week and Pyongyang was widely expected to be on the agenda.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.21%at 91.61 by 02:15 a.m. ET (06:15 GMT), just off a one-week low of 91.57 hit overnight.

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Forex - Aussie, Kiwi Move Higher Vs. Greenback in Late Trade-SapForex24

The Australian and New Zealand dollars moved higher on Monday, as Friday's downbeat U.S. economic reports continued to weigh on the greenback and as markets begn to focus on the Federal Reserve's policy meeting scheduled later in the week.

AUD/USD gained 0.30% to 0.8028.

The greenback came under pressure after data on Friday showed that U.S. industrial and manufacturing production unexpectedly fell in August.

In addition, the U.S. Commerce Department said retail sales unexpectedly fell by 0.2% in August.
Later this week, the Fed was expected to leave interest rates unchanged but it could give indications on when it plans to begin unwinding its balance sheet.

NZD/USD was up 0.36% at 0.7316.

Markets seemed to have recovered from news late Thursday that North Korea fired a missile over Japan into the Pacific Ocean. It was the peninsula's second missile launch over Japanese territory in just over two weeks.

Pyongyang was expected to be discussed as U.S. President was preparing to address the United Nations for the first time this week.

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Forex - GBP/USD re-approaches 1-month lows amid U.K. political jitters-SapForex24

The pound dropped against the U.S. dollar on Wednesday, re-approaching a one-month low after the release of downbeat U.K. data and amid mounting political uncertainty in the Britain ahead of the June 8 election.

GBP/USD hit 1.2780 during European morning trade, the pair’s lowest since May 26; the pair subsequently consolidated at 1.2783, declining 0.59%.

Cable was likely to find support at 1.2772, the low of May 26 and resistance at 1.2890, Tuesday’s high.

Data showed that U.K. net lending to individuals fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

Sterling had already weakened after a new poll showed that British Prime Minister Theresa May's Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats.

The news came after a string of opinion polls showed a narrowing lead for May's Conservatives.
Meanwhile, the greenback regained some ground thanks to growing expectations for a rate hike by the Federal Reserve at its June policy meeting.

The had dollar weakened after data on Tuesday showed that the CB consumer confidence index fell to 117.9 in April, compared to expectations for a rise to 119.8.

However, the U.S. Commerce Department said consumer spending rose 0.4% last month, in line with economists’ forecasts. It was the biggest increase in four months.

The greenback had also been under pressure recently amid fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.
Sterling was also lower against the euro, with EUR/GBP climbing 0.53% to 0.8746.

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Oil on track for largest annual gain in 7 years ahead of production cut | SapForex24

 U.S. oil prices edged slightly higher in light pre-New Year holiday trade on Friday in an attempt to recover losses caused in the prior session from a surprise build in U.S. crude stockpiles while hopes for 2017's kickoff of the agreement to cut output and a weaker dollar helped support the commodity.
Crude oil for February delivery on the New York Mercantile Exchange gained 22 cents, or around 0.4%, to $53.99 a barrel by 4:14AM ET (8:14GMT), after falling 29 cents, or 0.5%, a day earlier.

Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London rose 29 cents, or 0.5%, to $57.14 a barrel, after the prior session's loss of 8 cents, or 0.14%.
London-traded Brent futures touched a 17-month high of $57.89 earlier this month, amid optimism over planned output cuts by major global oil producers.

Continued profit-taking in the U.S. dollar on Friday also helped support prices. The Dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at 102.48 by 3:44AM ET (9:44GMT), pulling back from a peak of 103.62 reached on December 20.

A weaker dollar boosts crude as it becomes cheaper for traders purchasing with other currencies.
Oil prices are on track for their biggest annual percentage gain since 2009 on the back of an agreement struck between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut crude production.

OPEC and other producers led by Russia have announced cutbacks of almost 1.8 million barrels per day in oil output starting from January 1, 2017 in an effort to bolster prices and support the market.
Meanwhile, the members of an OPEC and non-OPEC committee formed to monitor the market may meet on January 21-22, according to Kuwaiti oil minister Essam Al-Marzouq, which may give an early indication of compliance with the deal.

Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters’ poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts.

Investors were also looking ahead to Baker Hughes' rig count data.
The oilfield services provider said last Friday that the number of rigs drilling for oil in the U.S. the previous week increased by 13 to 523, the eighth straight weekly rise and a level not seen in almost a year.

Some analysts have warned that the recent rally in prices could be self-defeating, as it encourages U.S. shale producers to drill more, adding to concerns over a global supply glut.
Elsewhere on Nymex, gasoline futures for February added 0.23% to $1.6793 a gallon, while February heating oil tacked on 0.37%, to $1.7263 a gallon.

Natural gas futures for February delivery slumped 2.0 cents, or 0.53%, to $3.822 per million British thermal units.

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